Silver

Pan American Silver Corp. reported estimated mineral reserves and mineral resources as at June 30, 2026, with proven and probable mineral reserves estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated mineral resources, excluding proven and probable reserves, are estimated to total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold, while inferred mineral resources are estimated at approximately 437.0 million ounces of silver and 7.2 million ounces of gold. The figures include Pan American's 44% attributable share of the Juanicipio mineral reserves and mineral resources following the completion of its acquisition of MAG Silver Corp. on September 4, 2025. President and CEO Michael Steinmann said the company replaced over 100% of the silver extracted, with exploration success at La Colorada, Jacobina and Timmins, and noted that La Colorada added 3.5 million ounces of contained silver to proven and probable reserves net of depletion. As of August 31, 2026, Pan American had completed 351,000 metres of drilling toward a planned total of over 500,000 metres for calendar 2026, focused on near-mine exploration for reserve replacement.

Wheaton Precious Metals Corp. reported record revenues of $1.8 billion for the first half of 2026, an 88% year-over-year surge driven by a higher average realized gold equivalent price and higher production levels. First-half 2026 gold equivalent production was 414,755 ounces, up 13.8% year over year, lifted by the acquisition of the precious metals purchase agreement with BHP Group Limited. The company reaffirmed its 2026 attributable production guidance of 860,000-940,000 GEOs, weighted to the second half, a rise of 30% at the midpoint from 2025's production of 692,000 ounces, and continues to expect production of 1.2 million GEOs by 2030, averaging around that level through 2035. The BHP Group Antamina precious metals purchase agreement became effective April 1, 2026, lifting Wheaton's attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down; Antamina produced 2.3 million attributable silver ounces in the second quarter, up 56% year over year. Among peers, SSR Mining Inc. reported first-half 2026 revenues of $1.03 billion, up 42% year over year, on 211,873 gold equivalent ounces, and AngloGold Ashanti plc posted gold revenues of $6.3 billion, up 43.8%, as its gold production dipped 4% year over year.

Wheaton Precious Metals Corp. has seen strong performance this year, driven by its new precious metals purchase agreement with BHP Group Limited. The $4.3-billion Antamina stream deal, effective April 1, 2026, is Wheaton's largest transaction, increasing its attributable silver to 67.5% and adding 33.75% of payable silver until thresholds step down, with ongoing payments equal to 20% of spot silver. Despite Antamina's second-quarter production falling short due to lower grades and a maintenance shutdown, the mine's silver output rose 56% year over year to 2.3 million ounces. Wheaton's attributable gold-equivalent production increased 13.8% to 414,755 ounces in the first half of 2026, and the company reaffirmed its 2026 guidance of 860,000-940,000 GEOs, expecting a 30% rise at the midpoint from 2025's 692,000 ounces. Wheaton projects 1.2 million GEOs by 2030, with the Antamina deal and new mines driving growth. Shares have jumped 43.5% in a year, and the Zacks Consensus Estimate for 2026 sales is $3.66 billion, up 58.1% year over year.

Endeavour Silver announced that a blockade at its flagship Terronera mine in Mexico has been removed, clearing the way for operations to restart nearly two weeks after suspension. The blockade was imposed by members of the local Ejido community demanding improvements in road maintenance, greater support for medical and communications services, control over the water supply, and increased financial assistance. The Terronera mine, which reached commercial production last October, has an annual capacity of 38,000 ounces of gold and 4 million ounces of silver, and in Q2 processed more than 175 metric tons and produced 582 ounces of payable silver at a cash cost of US$5.07 per ounce. National Bank of Canada's Alex Terentiew maintained an Outperform rating, saying the peaceful resolution bodes well for Endeavour's community relationships over the next 15-plus years at its longest-life, lowest-cost mine, despite a potential modest miss to fiscal 2026 production guidance.

Americas Gold and Silver reported second-quarter 2026 revenue of $46.3 million, a 71% increase from $27.0 million a year earlier, driven by higher realized silver prices. Silver production was 665,000 ounces, with silver equivalent production of 801,000 ounces, and the company reiterated full-year guidance of 3.2 million to 3.6 million ounces. Net loss narrowed to $5.0 million, or $0.02 per share, from $15.1 million a year earlier, while adjusted EBITDA improved to $12.0 million from a loss of $4.1 million. The company settled $76 million in future variable metal price-linked obligations, reducing annual debt servicing by $28 million, and completed Phase 2 shaft upgrades at the Galena Complex, doubling hoisting capacity to 85 tonnes per hour. Cash and cash equivalents stood at $88.9 million as of June 30, 2026, down from $129.8 million at the end of 2025.

Americas Gold and Silver reported second-quarter revenue rose 71% year over year to approximately $46.3 million, while its net loss narrowed to $5 million and adjusted EBITDA improved to $12 million, helped by higher silver prices and stronger Cosalá performance. The company remains on track to produce 3.2 million to 3.6 million ounces of silver in 2026, with Cosalá production up 26% and high-grade drilling potentially supporting future mine-plan additions. Galena's shaft modernization more than doubled sustained hoisting capacity, and settlements with Sprott and Royal Gold eliminated over $76 million in future variable metal obligations and more than $28 million in annual debt servicing, leaving $89 million in cash.

Coeur Mining reported its biggest quarter ever on August 6, with revenue crossing $1 billion for the first time, driven by the first full quarter of contributions from the newly acquired New Afton and Rainy River mines. Free cash flow hit a record $388 million, cash on hand doubled to $1.1 billion, and the company initiated its first dividend in 30 years at $0.02 per share. However, a noncash accounting charge of $140 million tied to the fair value uplift of acquired Rainy River inventory dented reported earnings, and both Canadian mines are still ramping up below original targets. Management expanded its buyback authorization to $750 million and repurchased $110 million of stock through June 30, while full-year guidance calls for roughly $2.3 billion of EBITDA and $1.5 billion of free cash flow.

Discovery Silver Corp. reported a sharp increase in second-quarter profit. Net income rose to $52.15 million, or $0.06 per share, from $5.53 million, or $0.01 per share, in the same period last year. Revenue climbed 124.7% to $319.09 million from $142.01 million a year earlier.

Coeur Mining reported record second-quarter financial results, with revenue of $1.1 billion, a 27% increase over the previous quarter and the first time the company has exceeded the $1 billion quarterly threshold. Adjusted EBITDA was $478.3 million, driven by the inclusion of a full quarter of results from the New Afton and Rainy River operations, while free cash flow reached $387.5 million, a 45% increase quarter over quarter. Gold production rose 69% to 163,490 ounces, silver production was flat at 4.4 million ounces, and copper production was 11.4 million pounds. The company ended the quarter with $1.1 billion in cash, more than double its balance at the end of 2025, and repurchased $121 million of shares while paying its first dividend in 30 years. Management updated full-year 2026 guidance to approximately $2.3 billion in EBITDA and $1.5 billion in free cash flow, reflecting a more gradual ramp-up at the Canadian assets and adjusted metal price assumptions.

Pan American Silver Corp. reported a sharp increase in second-quarter earnings, helped by higher metal prices and stronger silver production. Net earnings rose to $305 million, or $0.72 per share, from $190 million, or $0.52 per share, in the year-ago quarter. Adjusted earnings nearly doubled to $308 million, or $0.73 per share, from $155 million, or $0.43 per share. Revenue increased to $1.124 billion from $812 million. Attributable silver production increased to 6.47 million ounces from 5.09 million ounces, while gold production declined to 165.9 thousand ounces from 178.7 thousand ounces. The company said silver and gold prices averaged $70.97 and $4,402 per ounce, respectively, during the quarter.

Pan American Silver Corp. reported second quarter 2026 financial results, including record quarterly shareholder returns of $300 million through dividends and share repurchases. The company generated $344 million in attributable free cash flow and produced 6.47 million ounces of attributable silver, at the high end of its quarterly guidance range, while attributable gold production was 165.9 thousand ounces, below the guidance range. Revenue was $1.1 billion, with attributable revenue of $1.3 billion including its 44% share of Juanicipio, and net earnings were $305 million, or $0.72 per share. Pan American also announced it had renewed and amended its five-year senior unsecured revolving credit facility, doubling its size to $1.5 billion with an additional $750 million accordion feature, increasing total available liquidity to $3.2 billion. The company reiterated its 2026 operating outlook for production and costs, though it now expects full-year gold production at the low end of its guidance range of 700 to 750 thousand ounces.

Wheaton Precious Metals reported adjusted earnings of $1.19 per share for the second quarter of 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48% and rising 89.7% year over year. Revenues surged 84.7% to $929 million, exceeding the consensus of $877 million, driven by a 61% increase in average realized gold-equivalent price and a 14% rise in gold-equivalent ounces sold to 209,115. The company reaffirmed its 2026 production guidance of 860,000 to 940,000 gold-equivalent ounces, with output weighted to the second half, and maintained its forecast of 1.2 million gold-equivalent ounces by 2030.

Wheaton Precious Metals announced an 18% increase in its quarterly dividend alongside its second-quarter results. The company reported strong Q2 2026 sales and net income figures compared with the same quarter a year earlier. Management linked the higher dividend to confidence in Wheaton Precious Metals cash generation and business outlook. The company also reaffirmed its 2026 production guidance.

Wheaton Precious Metals reported record first-half results, with production of 415,000 gold equivalent ounces and sales of 390,000 GEOs, positioning it to meet full-year guidance of 860,000 to 940,000 GEOs. Second-quarter production rose 6% to 202,000 GEOs, sales volumes increased 14% to 209,000 GEOs, and record quarterly revenue surged 85% to $929 million, driven by a 61% increase in average realized gold equivalent price and higher volumes. Net earnings climbed 86% to $543 million and operating cash flow rose 57% to $650 million. The quarter included the closing of a $4.3 billion silver stream transaction with BHP at the Antamina mine, the largest precious-metals streaming deal to date, which increased Wheaton's share of silver production at Antamina from 33.75% to 67.5% effective April 1. The company ended the quarter with about $100 million in cash, net debt of roughly $1.9 billion, and available liquidity of approximately $2.6 billion after expanding its revolving credit facility, and management said it is generating more than $200 million of free cash flow per month while pursuing accretive deals.

Coeur Mining reported record quarterly gold production of 163,490 ounces and revenue of about US$1.09 billion in early August 2026, while also announcing its first dividend in three decades and a US$750 million share repurchase program. The company revised its full-year 2026 production guidance to approximately 690,000 ounces of gold, 20 million ounces of silver, and 45 million pounds of copper, a reduction from earlier higher ranges. The new capital return initiatives mark a shift in strategy, even as the lowered guidance keeps operational execution and cost control in focus.

Wheaton Precious Metals reported record quarterly revenue of $929 million, an 85% increase year-over-year, driven by higher gold and silver prices and increased sales volumes. Net earnings rose 86% to $543 million, while operating cash flow reached $650 million, up 57%. Second-quarter production was 202,000 gold equivalent ounces, a 6% increase, with sales volumes of 209,000 GEOs, up 14%. The company closed the Antamina silver stream with BHP, the largest precious metals streaming transaction ever, and ended the quarter with a net debt position of approximately $1.9 billion. Wheaton also paid $171 million in dividends and highlighted an industry-leading organic growth profile targeting 1.2 million GEOs by 2030.

Wheaton Precious Metals Corp. reported second-quarter revenue of $929.2 million, surpassing the Zacks Consensus Estimate of $876.78 million by 5.98%. Earnings per share came in at $1.19, beating the consensus estimate of $1.15 by 3.48%. Silver sales surged 188.9% year over year to $478.76 million, well above the $383.04 million analyst estimate, while gold sales rose 30.3% to $427.79 million but missed the $451.58 million estimate. The company produced 202.23 thousand gold equivalent ounces, below the 218.06 thousand ounce estimate, and realized lower-than-expected average prices for both gold and silver.

Coeur Mining posted record quarterly revenue of $1.1 billion, a 27% increase quarter-over-quarter, driven by the first full quarter of contributions from New Afton and Rainy River. The company also reported record adjusted EBITDA of $478 million and free cash flow of $388 million, despite a $141 million non-cash acquisition accounting impact. However, Coeur revised its 2026 production guidance lower for both New Afton and Rainy River, and increased adjusted cost per ounce guidance for both assets, citing slower ramp-ups and cost inflation. The company expects a $140 million non-cash acquisition accounting impact in the second quarter, with a total of $244 million for the year, and a 10% increase in total operating costs at Rainy River, approximately $30 million. Coeur also initiated a $750 million buyback program and paid its first dividend in 30 years.

Wheaton Precious Metals declared its third quarterly cash dividend for 2026 at US$0.195 per common share, an 18% increase from the third quarterly dividend of 2025. The dividend will be paid to shareholders of record as of August 20, 2026, with distribution on or about September 3, 2026, and the ex-dividend date is August 20, 2026. The company also announced that for this dividend, shares issued under its Dividend Reinvestment Plan will be from treasury at the Average Market Price without a discount.

Wheaton Precious Metals announced record financial results for the first half of 2026, with revenue reaching $1.8 billion, net earnings of $1.1 billion, and operating cash flow of $1.4 billion. For the second quarter alone, the company posted revenue of $929 million, net earnings of $543 million, and operating cash flow of $650 million, driven by a 61% increase in average realized gold equivalent price and a 14% rise in gold equivalent ounces sold. The company also declared a quarterly dividend of $0.195 per common share and enhanced its financial flexibility by upsizing its revolving credit facility by $500 million to $2.5 billion and extending its maturity to June 2031. During the quarter, Wheaton completed several corporate development transactions, including entering into a precious metals purchase agreement with KGL Resources for the Jervois project and royalty agreements with Spanish Mountain Gold and Cipango Limited. Attributable gold equivalent production rose 6% year-over-year to 202,200 ounces, supported by the newly acquired BHP Antamina precious metals purchase agreement and contributions from Hemlo, Fenix, Platreef, and Goose.

Wheaton Precious Metals declared a third-quarter cash dividend of 19.5 US cents per common share, an 18% increase from the same period last year. The dividend is payable on or about September 3, 2026 to shareholders of record as of August 20, 2026, with an ex-dividend date of August 20, 2026. The company also announced that shares issued under its Dividend Reinvestment Plan for this dividend will be from treasury at the average market price without a discount.

Fortuna Mining Corp. reported second quarter 2026 results featuring $200.8 million in adjusted EBITDA with a 63% margin and $85.7 million in free cash flow from ongoing operations. The company produced 72,217 gold equivalent ounces at a consolidated all-in sustaining cost of $2,157 per ounce, which included $49 per ounce from external factors and $115 per ounce from one-time operational items. Fortuna also announced a final investment decision for the Séguéla plant expansion and delivered a feasibility study for the Diamba Sud project, which together are expected to grow production by 60% to over 500,000 ounces per year. The company returned $82.1 million to shareholders through share buybacks during the quarter and maintained a strong balance sheet with $756.7 million in liquidity and a net cash position of $435 million. Effective September 1, Luis Dario Ganoza will be promoted to President and Kevin O'Reilly to Chief Financial Officer.

Wheaton Precious Metals' asset-light streaming model, which locks in predetermined prices for future gold and silver production, has reinforced its investment appeal by limiting exposure to rising operating and inflation-driven costs that burden traditional miners. The company issued guidance on February 16, 2026, targeting 860,000 to 940,000 gold equivalent ounces in 2026 and approximately 1.2 million gold equivalent ounces by 2030, a growth trajectory that hinges on the timely delivery of projects such as Salobo III, Blackwater, Goose, and Platreef. Some analysts project revenue of about US$5.2 billion and earnings near US$3.0 billion by 2029, though they also flag portfolio concentration as a potential risk. The streaming model's inflation resistance supports the bullish thesis but does not alter the near-term catalyst of whether production growth materializes on schedule, nor the risk of margin compression from an increasingly competitive streaming market.

Wheaton Precious Metals reported record first-quarter results, with revenue surging 92% year over year and net earnings reaching a record $582 million, up 129% from last year. The precious metals streaming company, which finances miners in exchange for the right to buy future production at discounted prices, declared a dividend of $0.195 per common share in May, an 18% increase from the prior year. Wheaton’s business model locks in contractual agreements to purchase silver and gold at 15% to 20% of the spot price, insulating it from rising operational costs that pressure traditional miners. The company projects 50% production growth by 2030, targeting output of 1.2 million Gold Equivalent Ounces per year. Despite a recent 33% stock decline, major banks like JPMorgan Chase forecast gold at around $6,300 per ounce and silver at around $85 per ounce by the end of 2027, supporting the outlook for Wheaton’s earnings.

Endeavour Silver Corp. reported second-quarter 2026 sales of US$212.1 million and net income of US$66.5 million, swinging from a loss a year earlier and contributing to six-month revenue of US$421.8 million and net income of US$131.4 million. Record production from the Terronera and Kolpa mines, along with higher metal prices, boosted cash flow even as royalties, mining taxes, labor and supply costs, and a stronger Mexican peso pushed operating expenses higher. The results ease near-term liquidity concerns but highlight that rising costs and currency pressures remain key risks as the company executes at new and legacy mines. The core growth story now rests on Terronera and Kolpa sustaining higher production and cash generation, with Pitarrilla as a longer-dated option.

Fortuna Mining Corp. has approved a 30% capacity expansion of its Séguéla Gold Mine in Côte d’Ivoire. The project will increase processing throughput from 1.75 million tonnes per annum to 2.3 million tonnes per annum, with average gold recovery expected to reach 94.5%, supporting average annual production of more than 200,000 ounces over the next decade. Estimated construction capital is $109 million, to be funded from operating cash flow and backed by approximately $800 million in liquidity as of the end of the first quarter of 2026, with a projected payback period of about 2.5 years. The expansion includes upgrades to the processing plant, supporting infrastructure, and development of the Sunbird underground mine, with construction expected to begin in the second half of 2026 and ramp-up to full throughput targeted for the second half of 2028. President and CEO Jorge A. Ganoza said the expansion advances Fortuna’s objective of increasing consolidated annual gold production toward 500,000 ounces by 2028.

Endeavour Silver announced second quarter 2026 financial results highlighted by record ounces sold and a 149% surge in revenue to $212.1 million. Consolidated silver production rose 31% to 1,943,955 ounces and gold output increased 35% to 10,474 ounces, yielding 3.4 million silver equivalent ounces. Mine operating cash flow before taxes jumped 336% to $99.9 million, while net earnings swung to $66.5 million from a loss of $20.5 million a year earlier. The company ended the quarter with a strong cash position of $236.6 million and working capital of $214.4 million, supported by higher throughput at the Kolpa mine and the commissioning of the Terronera LNG plant.

First Majestic Silver Corp. announced it has received construction permits for the Santo Niño and Navidad portals at its Santa Elena mine in Mexico. The company plans to invest an additional $12 million throughout the year to accelerate underground access and prepare the Santo Niño project for near-term mining operations. The announcement follows positive infill drilling results from both vein systems, which returned significant silver and gold intercepts that outperformed initial models and confirmed high-grade mineralization. Management expects these targets to become major contributors to the Santa Elena site, with the potential to materially extend the mine's overall lifespan.

First Majestic Silver Corp. has raised its 2026 production guidance following year-over-year growth in second-quarter silver and gold output across its Mexican operations. The company is supporting the higher outlook with a larger capital program of US$318 million to US$344 million, which includes the Jerritt Canyon restart and new underground access to the Navidad and Santo Niño deposits at Santa Elena. A new CFO has been appointed from the Canada Pension Plan Investment Board and BHP. The updated guidance reinforces production growth as a key near-term catalyst, but also sharpens the risk that higher operating and capital costs could pressure margins if volumes or realized prices do not keep pace.

First Majestic Silver has agreed to sell its San Martin Silver Mine in Jalisco, Mexico, to Flextronics Supply and Service for total proceeds of $90 million. The transaction includes the transfer of all shares of the subsidiary holding the mine and the associated Jalisco Group of Properties. The payment structure consists of an upfront cash payment of $2.5 million, with the remaining $87.5 million to be paid through a series of scheduled installments over the next several years, including a concluding $35 million payment due on August 31, 2032. The sale remains subject to customary closing conditions and Mexican Antitrust approval, with the company expecting the deal to close in the fourth quarter of 2026. The San Martin operation, a past producer of silver and gold, has been held by First Majestic Silver under care and maintenance since July 2019.

First Majestic Silver's stock may be undervalued on a cash flow basis but appears fully priced on earnings, according to a Simply Wall St analysis. A discounted cash flow model, based on the company's free cash flow of about $448.9 million, estimates an intrinsic value of around CA$29.41 per share, implying an 18.3% discount to the current price. However, the stock trades at a price-to-earnings ratio of about 28.8 times, well above the industry average of roughly 14.4 times and a peer average of around 21.3 times, and also above Simply Wall St's fair P/E estimate of about 18.8 times. The mixed signals reflect a cash flow model that is more optimistic about future free cash generation, while market multiples embed richer growth expectations. The company's recent move to sell the San Martin silver mine for US$90 million aligns with a refocus on core assets, which supports the cash flow-based valuation.

First Majestic Silver has raised its 2026 outlook following a second quarter that saw silver production jump 76% year over year and revenue climb 94% to a record. The company also announced new capital and leadership moves alongside the updated guidance. Despite the stronger operational update, the stock has pulled back recently, last closing at CA$24.03, which sits well below a widely followed fair value estimate of CA$38.50. However, the current price-to-earnings ratio of 28.8 times is roughly double the Canadian Metals and Mining industry average of 14.4 times, signaling that the market may already be pricing in significant optimism.

Bank of America has cut 32 price objectives across its commodities coverage and lowered 2026 estimates for 31 of the 33 companies it tracks, yet uranium stands out as its top conviction call with 23% upside versus spot. The firm sees Cameco as its top uranium pick, citing leverage to higher realized prices, a solid balance sheet, and roughly 48% upside to its price target, while also flagging the benefit of Cameco's 49% stake in Westinghouse Electric Company amid the U.S. nuclear buildout. In precious metals, BofA trimmed its 2026 gold forecast by 14% to $4,360 an ounce and added Pan American Silver as a new top pick, pointing to 56% potential upside. Freeport-McMoRan remains the top base metals pick with about 35% upside, while aluminum forecasts were cut materially, leaving little room for gains.

First Majestic Silver has agreed to sell its San Martin silver mine in Mexico to private company Flextronics Supply and Service for $90 million in cash. The payment consists of $2.5 million upfront and $87.5 million in future payments. The San Martin mine, a past-producing silver and gold operation, has been under care and maintenance since 2019. The sale also includes the Jalisco Group of Properties, comprising 5,245 hectares of mining concessions owned by El Pilon in the municipalities of Etzatlán and Tototlán, Jalisco.

Coeur Mining's stock may be trading at a 46.8% discount to its intrinsic value of about $31.07 per share, according to a Discounted Cash Flow analysis by Simply Wall St. The estimate is based on the company's trailing twelve-month free cash flow of approximately $732.4 million and assumes continued growth. In contrast, Coeur Mining's price-to-earnings multiple of 21.4x sits close to the Metals and Mining sector average of 20.9x and Simply Wall St's fair P/E of 22.3x, suggesting the stock is roughly fairly valued on an earnings basis. The mixed valuation picture comes after a roughly 7x return over three years, with catalysts including recent acquisitions, upcoming index inclusion, and new capital return programs.

Fortuna Mining has announced positive results from the feasibility study for its Diamba Sud gold project in Senegal, confirming an economically robust open-pit conventional carbon-in-leach gold mine. The study shows an after-tax net present value of $1 billion, an internal rate of return of 60% at $3,500 per ounce gold, and a mine life of 9.4 years, which is more than a year longer than the preliminary economic assessment from last year. Average annual gold production is targeted at 158,000 ounces over the first four years at an average all-in sustaining cost of $1,056 per ounce, with an average AISC of $1,332 per ounce over the life of the mine, reflecting an 8% increase over the PEA, while estimated initial capital costs rose 40% to $397.5 million due to the longer mine life. Diamba Sud now has an estimated probable reserve base of 20.5 million metric tons grading 1.75 grams per ton for 1.1 million ounces of gold. First gold production is targeted by the second quarter of 2028 following an expected final investment decision after receipt of the mining permit. President and CEO Jorge Ganoza said that together with the Séguéla mine expansion, Diamba Sud supports the company's plan to grow its annual gold production rate by about 60% to more than 500,000 ounces in 2028.